KG Law Firm's Insurance team has released a newsletter dealing with one of the most transformative developments in the European Union's financial regulatory landscape: the Digital Operational Resilience Act (DORA). The newsletter focuses on Insurance, where the implications are expected to be critical – analogous will be the effect on all players of the wider Finance sector.
Designed to bolster the financial sector's ability to withstand and recover from ICT-related disruptions across Europe, DORA introduces a rigorous compliance framework that affects a wide range of financial entities and their senior management. For directors and officers, DORA is more than just a cybersecurity regulation—it represents a significant shift in legal accountability, operational oversight, and governance standards. The implications are far-reaching, touching on liability exposure, regulatory investigations, and the contractual management of third-party ICT providers. As non-compliance carries the risk of substantial fines, reputational damage, and shareholder claims, it becomes imperative for boards and executives to understand their responsibilities under this new regulatory regime.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
